KOTA KINABALU: The government has been launching various initiatives to reach out and assist the entrepreneurial community in Sabah, said Entrepreneur Development and Cooperatives Minister Datuk Ewon Benedick.
He added that Sabah's Gross Domestic Product (GDP) in 2022 reached RM81.9 billion, with a growth rate of 3.7 per cent.
"This achievement indicates significant potential for rapid economic growth in Sabah.
"The composition of Sabah's GDP shows growth across various sectors, underscoring the importance of entrepreneurship in strengthening the state's economy.
"Entrepreneurship not only helps in creating job opportunities but also in enhancing productivity and economic diversification," he said when launching the SME Bank's JOM XCESS programme at a hotel here.
Present were SME Bank chairman Datuk Muslim Hussain and group president cum chief executive officer Datuk Dr Aria Putera Ismail.
Ewon, who is also Penampang member of parliament, said that during the 2024 Budget, it was announced that RM44 billion had been allocated for the benefit of Micro, Small and Medium Enterprises (MSMEs) for loan facilities and financing guarantees.
He added that programmes such as the National Entrepreneur Week and MSME Week were examples of the ministry's initiatives aimed at driving entrepreneurial sustainability.
"We believe that the development of MSMEs requires collaboration from all parties.
"Therefore, we thank SME Bank and other government agencies for their participation in this effort.
"Today's Jom XCESS Programme is an example of how the ministry and government agencies can work together to foster the progress of MSMEs."
Meanwhile, Muslim said the Jom XCESS programme played an important role to provide a meeting and discussion platform between SME Bank and entrepreneurs.
"This enables us to better understand the needs and challenges faced by the business community, as well as to develop more effective strategies to support their business growth," he said during the event.
In 2023, three SME Bank branches had successfully processed and approved a total of 118 financing applications, with an overall value of RM162 million.
As of March this year, 26 applications had been processed and approved, with a total value of RM19 million.
"SME Bank not only acts as the financing partner but also offers services beyond financing.
"Among them is the corporate social responsibility programme, SME Bank iTEKAD Ishraf, which has contributed RM420,000 to 30 entrepreneurs in Sabah.
"Apart from that, five per cent of the 499 participants in this programme since 2021 have successfully transitioned from being zakat recipients to zakat contributors."
